Sundar Pichai, the CEO of Google, teased a smart eyewear prototype that can translate languages in real-time at the company’s I/O conference. Pichai demonstrated augmented reality glasses that “take its advances and transcriptions” and present them right in front of the user’s eyes in a video. While the glasses are only a prototype, Google claims […]
In the first quarter of 2022, Abu Dhabi’s non-oil international trade was $16.74 billion (AED 61.522 billion), up 15% over the same time in 2021. Exports increased by 35% in the first three months of the year, reaching AED 24.449 billion, compared to the same time in 2021. Non-oil trade increased by 15% to over […]
The US dollar ($) remains at a two-decade high. Investors await new inflation data to determine how aggressively the Federal Reserve needs to tighten monetary policy to keep increasing prices in line. On Tuesday, gold prices reversed course and plummeted as the dollar strengthened again. Silver declined 0.8% to $21.61 per ounce on the spot […]
The NOPEC (No Oil Producing and Exporting Cartels) Act was passed by a Senate subcommittee on Thursday with a 17:4 vote. The measure is meant to safeguard American consumers and companies from artificially inflated gasoline and heating oil prices, but some analysts warn that enacting it might have unexpected effects. This bill is now passed […]
Elon Musk’s $44 billion Twitter acquisition is allegedly being investigated by the US Federal Trade Commission (FTC) for possible antitrust violations. Musk must inform the FTC and the Justice Department of the purchase and wait at least 30 days before closing to allow for an examination into any antitrust problems, according to US merger legislation. […]
As global markets tighten due to the EU’s consideration of barring Russian supply, OPEC (Organization of the Petroleum Exporting Countries) and its allies once again confirmed a minor monthly rise in output. Algeria, Angola, Congo, Ecuador, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates, and Venezuela are the current […]
Following the US Federal Reserve’s decision to increase rates, the Central Bank of the UAE (CBUAE) has decided to raise the base rate for the overnight deposit facility (ODF) by 50 basis points (bps), effective May 5, 2022. This is the second time the rates have been raised this year. The UAE Central Bank’s base […]
Prime Minister Justin Trudeau of Canada announced a major federal investment in Stellantis’ project funding, which will modernize assembly plants and boost electric car production (EV). By 2035, the Canadian government plans to have 100% of new light-duty vehicle sales be zero-emission vehicles (ZEVs). By 2050, the government wants to reduce carbon emissions to zero. Stellantis […]
Uber, the ride-hailing and delivery service, has lost $5.9 billion (£4.7 billion), owing to its investments in other businesses. However, Uber Technologies Inc said on Wednesday that it did not need to increase incentives to attract more drivers and that the second quarter would be strong. Uber shares fell 9% in early trade. Investors were […]
Arvind Krishna, Chairman and Chief Executive Officer of IBM (International Business Machines Corporation), has been elected to the Federal Reserve Bank of New York’s Board of Directors. Krishna will fill the vacancy in the office for the remainder of a three-year term ending December 31, 2023, according to the New York Fed. The Federal Reserve […]
Institutional investors flocked to buy shares in India’s state-run insurance giant Life Insurance Corporation (LIC) in a $2.75 billion (£2.18 billion) initial public offering. Bidding for anchor investors began on May 2, but the general share auction begins on May 4 and ends on May 9. Because of the Ukraine crisis and the outflow of […]
With the opening of its Metaverse HQ in the dynamic virtual world of ‘The Sandbox,’ Dubai’s Virtual Assets Regulatory Authority (VARA) announced its entry into the Metaverse this Tuesday. VARA was created to provide a scalable operating framework for the virtual asset industry while also protecting market participants and investors. It intends to control the […]
